If one million dollars isn't enough to retire anymore, the obvious question becomes: What is? Personal finance blog Get Rich Slowly offers some suggestions for determining your sweet spot, and how you'll know when you're "rich".
Photo by Jeff Belmonte.
Unsurprisingly, wealth is a relative thing. Guest writer Ami Kim found that most people thought one million dollars wasn't enough to be defined as being wealthy. That changed when Kim lost her job. Despite her situation, she notes that she's not stressed most days and even feels wealthy. These feelings stem from the fact that she knew she had backup resources, and adjusted her situation accordingly. After all, money stops buying happiness once you fulfil your basic needs.
For me, being wealthy means having the resources to be confident that I can manage the financial ups and downs. But more importantly, being wealthy means I can do what I love — and live comfortably. If you're willing to experiment and take risks, this type of wealth can come a lot sooner than "magic number"-based wealth...
Wealth means being able to say, "I have enough."
Still, in today's environment, what's wealth to you? Sound off in the comments.
Are We There Yet? How Will You Know When You're Rich? [Get Rich Slowly]